§412:10-201 Powers granted under federal law. (a) In this section "federal power" means any activity, right, privilege, or immunity granted to a federal credit union under any federal statute, rule, regulation, interpretation or court decision.
(b) Any credit union desiring to acquire any federal power, shall file an application with the commissioner. The application shall indicate the applicable federal statute, rule, regulation, interpretation or court decision, the extent of the federal power desired, the reasons for the application, and any other information requested by the commissioner. The commissioner may by rule prescribe the form of application and application filing fees.
(c) If the commissioner is satisfied that the power should be granted, the commissioner shall issue a written approval of the application, subject to such terms and conditions as the commissioner deems appropriate. Other credit unions may file an application if they desire the same federal power, but approval of any application need not be granted. Any federal power granted pursuant to this section is in addition to, and not in limitation of, any other provision of this chapter, and the federal power may be exercised notwithstanding any other provision of this chapter.
(d) If any federal power is terminated or modified, the commissioner may terminate or make a similar modification to any corresponding power granted under this section.
(e) The commissioner may suspend or revoke any federal power granted under this section or under previous law if the commissioner finds:
(1) That the credit union has violated any conditions imposed in connection with the grant of power; or
(2) The credit union has not begun to exercise such power within one year of the date it was granted.
(f) The commissioner shall retain jurisdiction over the enforcement of any power granted under this section or under previous law. Any action taken under subsections (d) or (e) shall be taken only after the commissioner has given the credit union notice of the proposed action and an opportunity to be heard. [L 1993, c 350, pt of §1]